<p>35 年前，沃倫·巴菲特告訴投資者：“當我們擁有優秀企業的部分股份，並且這些企業有出色的管理層時，我們最喜歡的持有期限是永遠。” 自那時以來，他買賣了數十隻股票，證明即使是奧馬哈的先知也並沒有一個完全清晰的水晶球。</p>
<p>即使巴菲特進行了極其成功的股票投資，他也常常有理由出售至少部分伯克希爾的股份——要麼是為了保持更平衡的投資組合，要麼是出售一隻變得被高估的股票，或者出於其他多種原因。這些因素最近在巴菲特和他的投資管理團隊中變得尤為突出。伯克希爾·哈撒韋在過去 11 個季度中，出售的可交易股票數量超過了購買的數量。</p>
<p>這些出售的股票中包括一隻伯克希爾在 2008 年首次購買的股票，這將被視為巴菲特（和芒格）有史以來最成功的投資之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNDEvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNDEvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>為投資者帶來鉅額回報</h2>
<p>在 2008 年 9 月底，全球股市因大蕭條而動盪不安，巴菲特和芒格抓住機會，購買了一家名為 <strong>比亞迪</strong>（BYD）的中國汽車公司 10% 的股份。他們逐漸增加了伯克希爾在該公司的股份，一度達到了約 20%。如今，該公司已成為全球最大的電動車製造商，超越了 <strong>特斯拉</strong>。</p>
<p>是副董事長查理·芒格將這家公司推薦給巴菲特的。他對首席執行官王傳福的工程和管理能力印象深刻。在進入汽車行業之前，他已經發展成為全球最大的電池製造商之一。憑藉其電池專業知識和通過收購獲得的其他垂直整合組件，比亞迪在新興的電動車市場中看起來前景光明。</p>
<p>果然，比亞迪開發了一系列在全球銷售的車輛。其全球全電動車銷售在 2023 年第四季度超過了特斯拉，並在 2024 年全年也超過了特斯拉。今年 4 月，比亞迪在歐洲的銷售也超過了特斯拉。管理層的目標是到 2030 年將一半的汽車銷售到中國以外的市場。值得注意的是，由於關税和政治環境，比亞迪尚未進入美國市場。</p>
<p>因此，比亞迪的股價在其成功的背景下飆升也就不足為奇了。隨着過去幾年銷售的加速，比亞迪的股價自 2020 年初以來上漲了超過八倍。</p>
<p>巴菲特從 2022 年 8 月開始減少伯克希爾在比亞迪的股份，此前伯克希爾的初始投資已經上漲了約 20 倍。在某個時刻，伯克希爾的股份價值達到了 90 億美元。根據伯克希爾·哈撒韋子公司伯克希爾·哈撒韋能源的財務報告，該公司逐漸出售股份，直到在今年第一季度完全撤出其股份。</p>
<h2>競爭是否過於激烈？</h2>
<p>巴菲特可能錯過了比亞迪股價的絕對高峰，但在下半年，隨着中國競爭對手從其國內業務中奪取市場份額，股價確實遭遇了困難。比亞迪 8 月的交付量與去年持平，7 月的交付量也是如此。激烈的國內競爭不僅影響了單位銷售，還損害了比亞迪的利潤率。</p>
<p>但該公司憑藉其顯著的垂直整合在競爭中佔據了明顯的優勢。如前所述，比亞迪是全球領先的電池製造商之一。這本身就是相對於其他需要從第三方採購電池的電動車製造商的顯著優勢。此外，比亞迪還製造其車輛中的許多其他組件，包括電動機、半導體，以及幾乎所有其他部件，除了輪胎和玻璃。</p>
<p>這使得企業能夠快速適應，並保持比競爭對手更好的利潤率。隨着國際擴張計劃的推進，它必須在全球範圍內複製其製造能力。但管理層在建立系統和擴大規模方面表現得相當嫺熟。</p>
<p>在價格回調後，投資者可以以僅為銷售額 1 倍和不到 16 倍的預期前瞻性收益率購買股票。對於一個在增長行業中的領導者來説，這個價格非常有吸引力，即使它面臨來自競爭的壓力，影響了收入增長和利潤率。與特斯拉相比，這無疑是一個更好的估值。儘管巴菲特可能已經出售了該股票，但它仍然可能值得在你的投資組合中佔有一席之地。</p>

伯克希爾哈撒韋-A

比亞迪

比亞迪(ADR)

比亞迪股份

伯克希爾哈撒韋-B

<p>沃倫·巴菲特已經出售了伯克希爾哈撒韋在比亞迪這家中國電動車製造商的全部股份，巴菲特最初是在大蕭條期間進行的投資。儘管自投資以來，比亞迪的股價上漲了超過 3980%，但競爭對其近期表現產生了影響。巴菲特的撤資決定正值伯克希爾在過去 11 個季度中出售的股票數量超過購買的股票數量。儘管比亞迪面臨挑戰，但其垂直整合和國際擴張計劃仍可能使其成為一個有吸引力的投資機會</p>

<p>Over 35 years ago, Warren Buffett told investors, &#34;When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.&#34; Since then, he's bought and sold dozens of stocks for <strong>Berkshire Hathaway</strong>(BRK.A 0.55%)(BRK.B 1.06%), proving that even the Oracle of Omaha doesn't have a perfectly clear crystal ball.</p>
<div class="lb-trans"><p>35 年前，沃倫·巴菲特告訴投資者：“當我們擁有優秀企業的部分股份，並且這些企業有出色的管理層時，我們最喜歡的持有期限是永遠。” 自那時以來，他買賣了數十隻股票，證明即使是奧馬哈的先知也並沒有一個完全清晰的水晶球。</p>
</div><p>Even when Buffett has made extremely successful equity investments, he's often had reason to sell at least some of Berkshire's stake -- either to maintain a more balanced portfolio, or sell a stock that's become overvalued, or for any number of other reasons. Those are factors that have come to the fore recently for Buffett and his team of investment managers. Berkshire Hathaway has sold more marketable equities than it bought in each of the last 11 quarters.</p>
<div class="lb-trans"><p>即使巴菲特進行了極其成功的股票投資，他也常常有理由出售至少部分伯克希爾的股份——要麼是為了保持更平衡的投資組合，要麼是出售一隻變得被高估的股票，或者出於其他多種原因。這些因素最近在巴菲特和他的投資管理團隊中變得尤為突出。伯克希爾·哈撒韋在過去 11 個季度中，出售的可交易股票數量超過了購買的數量。</p>
</div><p>Those sales include one stock that Berkshire first bought in 2008 and will go down as one of Buffett's (and Munger's) most successful investments of all time.</p>
<div class="lb-trans"><p>這些出售的股票中包括一隻伯克希爾在 2008 年首次購買的股票，這將被視為巴菲特（和芒格）有史以來最成功的投資之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNDEvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835041%2Fbuffett6-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><h2>Powering massive returns for investors</h2>
<div class="lb-trans"><h2>為投資者帶來鉅額回報</h2>
</div><p>In late September 2008, as the global stock market was reeling amid the Great Recession, Buffett and Munger took the opportunity to buy a 10% stake in a Chinese auto company called <strong>BYD</strong>(BYDDY -0.94%)(BYDD.F -1.20%). They gradually increased Berkshire's stake in the business, reaching about 20% at one point. Today, the company is the largest EV manufacturer in the world, surpassing <strong>Tesla</strong>.</p>
<div class="lb-trans"><p>在 2008 年 9 月底，全球股市因大蕭條而動盪不安，巴菲特和芒格抓住機會，購買了一家名為 <strong>比亞迪</strong>（BYD）的中國汽車公司 10% 的股份。他們逐漸增加了伯克希爾在該公司的股份，一度達到了約 20%。如今，該公司已成為全球最大的電動車製造商，超越了 <strong>特斯拉</strong>。</p>
</div><p>It was Vice Chairman Charlie Munger who brought the company to Buffett's attention. He found CEO Wang Chuanfu's engineering and managerial skills extremely impressive. He had developed one of the largest battery manufacturers in the world before transitioning to the automotive business in the early 2000s. With its battery expertise and other vertically integrated components made through acquisitions, BYD looked poised to do well in the nascent electric vehicle market.</p>
<div class="lb-trans"><p>是副董事長查理·芒格將這家公司推薦給巴菲特的。他對首席執行官王傳福的工程和管理能力印象深刻。在進入汽車行業之前，他已經發展成為全球最大的電池製造商之一。憑藉其電池專業知識和通過收購獲得的其他垂直整合組件，比亞迪在新興的電動車市場中看起來前景光明。</p>
</div><p>Sure enough, BYD has developed a broad lineup of vehicles sold around the world. Its global sales of fully electric vehicles surpassed Tesla's in the fourth quarter of 2023 and for the full year of 2024. It's not just success in its home country, either. BYD's European sales surpassed Tesla's in April this year. Management aims to sell half of its cars outside of China by 2030. It's worth noting BYD has yet to enter the U.S. market due to tariffs and the political environment.</p>
<div class="lb-trans"><p>果然，比亞迪開發了一系列在全球銷售的車輛。其全球全電動車銷售在 2023 年第四季度超過了特斯拉，並在 2024 年全年也超過了特斯拉。今年 4 月，比亞迪在歐洲的銷售也超過了特斯拉。管理層的目標是到 2030 年將一半的汽車銷售到中國以外的市場。值得注意的是，由於關税和政治環境，比亞迪尚未進入美國市場。</p>
</div><p>It's no surprise, then, that BYD's stock price has soared amid its success. With the acceleration in sales over the last few years, BYD's stock is up more than eightfold since the start of 2020.</p>
<div class="lb-trans"><p>因此，比亞迪的股價在其成功的背景下飆升也就不足為奇了。隨着過去幾年銷售的加速，比亞迪的股價自 2020 年初以來上漲了超過八倍。</p>
</div><p>Buffett started decreasing Berkshire's stake in BYD starting in August 2022, after Berkshire's initial investment had already climbed about 20-fold. At one point, Berkshire's shares were worth $9 billion. Based on financial reports from Berkshire Hathaway subsidiary, Berkshire Hathaway Energy, the company gradually sold off shares until completely divesting its stake in the first quarter of this year.</p>
<div class="lb-trans"><p>巴菲特從 2022 年 8 月開始減少伯克希爾在比亞迪的股份，此前伯克希爾的初始投資已經上漲了約 20 倍。在某個時刻，伯克希爾的股份價值達到了 90 億美元。根據伯克希爾·哈撒韋子公司伯克希爾·哈撒韋能源的財務報告，該公司逐漸出售股份，直到在今年第一季度完全撤出其股份。</p>
</div><h2>Is the competition too much?</h2>
<div class="lb-trans"><h2>競爭是否過於激烈？</h2>
</div><p>Buffett may have missed the absolute peak of BYD's stock price, but shares have certainly struggled in the latter half of the year, as Chinese competitors take market share from its domestic business. BYD's August deliveries were flat year over year, as were July's. Not only has the intense domestic competition hurt unit sales, but it's also hurt BYD's margins.</p>
<div class="lb-trans"><p>巴菲特可能錯過了比亞迪股價的絕對高峰，但在下半年，隨着中國競爭對手從其國內業務中奪取市場份額，股價確實遭遇了困難。比亞迪 8 月的交付量與去年持平，7 月的交付量也是如此。激烈的國內競爭不僅影響了單位銷售，還損害了比亞迪的利潤率。</p>
</div><p>But the company stands at a distinct advantage over the competition thanks to its significant vertical integration. As mentioned, BYD is one of the leading battery manufacturers in the world. That, in and of itself, is a significant advantage over other EV makers who need to source batteries from third parties. But BYD also makes many other components in its vehicles, including the motors, semiconductors, and practically everything else except the tires and glass.</p>
<div class="lb-trans"><p>但該公司憑藉其顯著的垂直整合在競爭中佔據了明顯的優勢。如前所述，比亞迪是全球領先的電池製造商之一。這本身就是相對於其他需要從第三方採購電池的電動車製造商的顯著優勢。此外，比亞迪還製造其車輛中的許多其他組件，包括電動機、半導體，以及幾乎所有其他部件，除了輪胎和玻璃。</p>
</div><p>That allows the business to adapt quickly and maintain better margins than its competitors. With plans for an aggressive international expansion, it'll have to replicate its manufacturing capabilities all around the world. But management has proven quite adept at building systems and scaling them.</p>
<div class="lb-trans"><p>這使得企業能夠快速適應，並保持比競爭對手更好的利潤率。隨着國際擴張計劃的推進，它必須在全球範圍內複製其製造能力。但管理層在建立系統和擴大規模方面表現得相當嫺熟。</p>
</div><p>After the pullback in price, investors can buy shares for just 1 times sales and less than 16 times forward earnings expectations. That's an attractive price for the leader in a growing industry, even if it's seeing some pressure from the competition weighing on revenue growth and margins. It's certainly a better valuation than investors could get with Tesla. While Buffett may have sold out of the stock, it might still deserve a spot in your portfolio.</p>
<div class="lb-trans"><p>在價格回調後，投資者可以以僅為銷售額 1 倍和不到 16 倍的預期前瞻性收益率購買股票。對於一個在增長行業中的領導者來説，這個價格非常有吸引力，即使它面臨來自競爭的壓力，影響了收入增長和利潤率。與特斯拉相比，這無疑是一個更好的估值。儘管巴菲特可能已經出售了該股票，但它仍然可能值得在你的投資組合中佔有一席之地。</p>
</div>

Warren Buffett Sold Berkshire's Entire Stake in This Incredible Stock Up 3,980% Since He First Bought It

- 巴菲特在過去 35 年中多次買賣股票，顯示出投資決策的複雜性。  
- 伯克希爾哈撒韋在過去 11 個季度內出售的可交易股票超過購買數量。  
- 比亞迪在電動車市場的成功使其股價自 2020 年以來上漲超過八倍。

沃倫·巴菲特出售了伯克希爾在這隻自他首次購買以來上漲了 3,980% 的驚人股票中的全部持股